BP

Exactly my thoughts F4T they are all taking their lead from the POO

www.dailyfx.com/crude-oil

Hi TF,

why do you think that BP will lead other oilies? The leader is crude in this sector currently followed by the dollar and general market conditions. Other than that, look to individual fundamentals.

F4T

Nearly, it's trying to break out for a 1,2 3 low...

good news for oilies if it does imho..

uk.advfn.com/p.php?pid=chartscreenshotsh...3D&symbol=LSE%3AGENL

Regards,
Trendfriend.

Quick look at BP as its the leader of the oilies...

uk.advfn.com/p.php?pid=chartscreenshotsh...dKS22eulzrKFLgUr/aU=
Long term daily, two trend channels, long term in black, and short term in red. it has broken out of the short term trend channel.

close up daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...oHaMInypvDKqYcFS4%3D

That chart looks a bit busy, too many things in play.
A break above 397p, would mean 1,2,3 low.and the bearish picture disappears for now at least, best case upside target would 450p area.
Although this has broken out of the short term trendline...that should be a bullish move.
However it did not do a 1,2 ,3 low(all of last week)@ 397p, which is close by... and a trendline break should be conclusive to give confidence to buyers... a big gap, or a nice big candle or candles..
This is just hanging around the trendline.
Also we have a traingle in play it looks like a bull flag or pennant.... i think its a triangle, and it will break in the next day or two imho...the break will be down imho...
This is also being held up by the 20 day ema, so a bearish break below, especially if its with a gap will make the bearish outlook clear here imho...
this week is important here imho... if this moves down other oilies will get dumped imho...
Hope you all have a nice week

Regards,
Trendfriend.

This is now in this falling trend channel...
It made a decent attempt to break out..
uk.advfn.com/p.php?pid=chartscreenshotsh...8i0%3D&symbol=L%5EBP .

A 1,2,3 low is also possible...
uk.advfn.com/p.php?pid=chartscreenshotsh...1MY%3D&symbol=L%5EBP .

This has results today... i favour a move down, to the lows...and will take the whole sector with it??
Jmho,
Regards,
Trendfriend.

chart form yesterday...
uk.advfn.com/p.php?pid=chartscreenshotsh...ek=&symbol=undefined

RSI breakout could be sign bottom is in??
Im not totally convinced unless it can get above 360p. thats the place to go long stops around 355p.
360p is long term support/resistance, and the 50 day ema is around 358p... So if can get above those two levels could be the real deal imho...
Otherwise news lows still possible, also a couple gaps that could get filled..



Regards,
Trendfriend.